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Broker Pleads Guilty to $1 Million Fraud

Fabricated Documents Used to Gain Approvals

Jackson, Miss. – (Nov. 19, 2008) Gene A. Bradford pled guilty in U.S. District Court on Tuesday, November 18, 2008, to federal money laundering charges in connection with a $1 million mortgage loan fraud scheme, U.S. Attorney Dunn Lampton announced today.

Gene A. Bradford worked as a mortgage broker in Hinds County and Madison County doing business as Guardian Financial Group, LLC. The indictment alleges that from January, 2003 through approximately December 2004, Gene A. Bradford, and others acting at his direction, prepared false and fictitious documents to insure that lenders would make mortgage loans to prospective borrowers. If the mortgage loans were successful, Bradford received a fee for his brokerage services.

The false and fictitious documents, along with the loan application containing false information, were included in loan application packets submitted to potential lenders by Bradford and others acting under his direction. The indictment further alleges that in order to obtain funding for borrowers who were otherwise unqualified to receive mortgage loans, Bradford, and others acting at his direction, would fabricate various kinds of documents, including but not limited to, fictitious social security benefit statements, false income and/or employment information, false verifications of rent, or false verifications of bank funds on deposit. False entries were also included on HUD-1 Settlement Statements submitted to various lenders with the final loan packets which reflected that the borrower paid cash at the closing of the loan when no such funds were paid by the borrower.

This mortgage fraud investigation has been ongoing for over two years and is a joint investigation by the Internal Revenue Service and the United States Postal Inspection Service, assisted by other participating agencies in the Jackson Financial Crimes Task Force, including the Federal Bureau of Investigation, Federal Deposit Insurance Corporation-Office of Inspector General, Housing and Urban Development-Office of Inspector General, Mississippi Secretary of State’s Office, Mississippi Real Estate Commission and Appraisal Board, Mississippi Department of Banking and Consumer Finance.

Bradford is scheduled to be sentenced on February 3, 2009, at 3:00 p.m. at the United States District Courthouse, in Natchez, MS. ###

SOURCE: United States Attorney's Office
Southern District of Mississippi

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